More Black artists are showing in galleries and museums, which has translated into higher sales.
, noted Lucius Elliott, head of The Now Evening Auction at Sotheby's, which focuses on contemporary works.
Other Black artists have gained importance, including Kehinde Wiley, who painted a portrait of former President Barack Obama, and Hank Willis Thomas, who sculpted the statue"The Embrace," of Martin Luther King, Jr., and Coretta Scott King that was recently unveiled in Boston. Prices for the works at the Black-owned Richard Beavers gallery in New York's SoHo neighborhood ranged from between $30,000 to $42,000.
"There's no way to look at art over a period of time without having your eye develop," Freiser said. Bank of America's Watson said he has met collectors who waited five years before making their first art purchase, which allowed them to train their eye and develop relationships with dealers and auction houses.
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